Grey list exit not end of SA’s efforts to address illict money practices: Treasury

National Treasury said South Africa’s exit from the grey list does not mark the end of the country’s efforts to address money laundering and terrorist financing practices.

This, after the Financial Action Task Force (FATF) confirmed on Friday that it had delisted South Africa from the notorious list of jurisdictions under increased monitoring.

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The decision follows the OctoberFATF plenary held in Paris this week, where the organisation updated its list, issuing a new 13-page report.

Since it was added to the grey list in 2023, South Africa has since ticked off all 22 boxes addressing deficiencies identified by the global financial crime watchdog.

National Treasury oversaw the drawn-out process, which included amendments to existing legislation and the introduction of new legislation, such as stricter requirements for companies and trusts to recordand report information regarding their beneficial owners.

Treasury’s adviser Ismail Momoniat said, “It’s obviously been really bad for us from a reputational perspective. It’s been quite humiliating for us as a country, and we’ve had to slog for over three years now to deal with the concerns.”

With South Africa expected to remain under the FATF’s radar, he said the country needs to sustain the progress to stay off the greylist.

“Let me be clear, it doesn’t mean we’ve solved our problems. All it means is that we’ve begun to deal with our problems and we’re going to have to continue strengthening our institutions so that when the next evaluation comes, in the next two years, that we are not grey listed again.”